Burford Capital Ltd Earnings Per Share Disclosure
| Years ended December 31, | ||||||||||||||||||||
| ($ in thousands, except share data) | 2025 | 2024 | 2023 | |||||||||||||||||
| Net income/(loss) attributable to Burford Capital Limited shareholders | $ | 62,572 | $ | 146,484 | $ | 610,522 | ||||||||||||||
| Net income/(loss) attributable to Burford Capital Limited shareholders per ordinary share: | ||||||||||||||||||||
| Basic | $0.29 | $0.67 | $2.79 | |||||||||||||||||
| Diluted | $0.28 | $0.66 | $2.74 | |||||||||||||||||
| Weighted average ordinary shares outstanding: | ||||||||||||||||||||
| Basic | 219,145,611 | 219,231,837 | 218,865,816 | |||||||||||||||||
| Dilutive effect of share-based awards | 5,432,995 | 3,999,835 | 4,149,074 | |||||||||||||||||
| Diluted | 224,578,606 | 223,231,672 | 223,014,890 | |||||||||||||||||
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.